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HomeMarketsMarket AnalysisHistoric Patterns Suggest Dogecoin Could Reach $17, Analyst Forecasts 21,744% Rise

Historic Patterns Suggest Dogecoin Could Reach $17, Analyst Forecasts 21,744% Rise

Abdulkarim Abdulwahab

While Dogecoin underperforms, a prominent analyst asserts that the meme coin’s current price action echoes historical patterns that suggest an explosive 21,744% rally to $17.

Over the past day, Dogecoin (DOGE) has been under bearish pressure, hitting a 24-hour low of $0.1587 at press time. Its seven-day performance also depicts a lackluster trajectory with predominantly bearish candles.

On a 30-day scale, Dogecoin has gained by a modest 1.2% despite Bitcoin’s recent bullish rally, which saw it re-enter the $71K threshold. Initially, DOGE mirrored Bitcoin’s positive momentum but quickly erased those gains.

While Dogecoin struggles to impress, analyst Javon Marks remains confident that more than a 40X gain is possible. Marks arrived at this conclusion after analyzing Dogecoin’s market sentiment over the last two cycles and comparing it to current trends.

Dogecoin’s Past Trend Compared to Now

The accompanying chart showed that during the 2016/2017 cycle, Dogecoin experienced a staggering 7,106% surge, climbing from $0.000206 to an all-time high in 2018.

Before this monumental rise, Dogecoin went through 659 days of price consolidation, marked by only a few significant price increases. Eventually, it broke out and soared to $0.01485, representing a 71-fold increase in value.

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Subsequently, Dogecoin entered another extended period of bearish trends, which lasted for 527 days of consolidation until a turnaround in late 2020.

Following this second consolidation phase, Dogecoin’s value skyrocketed by an incredible 22,813%, nearly reaching the $1 mark in 2021. Elon Musk’s public support for the meme-inspired crypto significantly propelled this remarkable performance during that time.

Despite Musk’s continued backing, Dogecoin’s price witnessed severe dips alongside the broader crypto market. Notably, the analyst noted a recurring symmetry in Dogecoin’s price patterns before the consolidation phases. The pattern exhibited consistency for 2016, 2020, and now, 2024. 

DOGE Set to Soar 21,744%

According to Marks’ chart, Dogecoin has already consolidated at low prices for 469 days. He suggests this trend indicates a potential for Dogecoin to achieve new all-time highs soon.

Specifically, Marks observed that a breakout trend for Dogecoin is already forming, projecting that a value exceeding $10 could be on the horizon. This target implies a 6,201% growth or a 62X gain for investors.

Meanwhile, the analyst also has his sights set on a higher target. One of his most ambitious projections for Dogecoin is $17. The analyst’s chart proposed a 21,744% rally to drive DOGE to $17 by 2025. At this price, Dogecoin’s market cap would exceed $2.54 trillion.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.


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